Growth in this market can primarily be attributed to factors such as the rapidly increasing aging population, increasing applications of empty capsules in the pharmaceutical and nutraceutical industries, growing consumer preference towards capsule-based formulations, and emerging innovative technologies.

The empty capsules market is segmented based on products, therapeutic applications, end users, and regions.

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On the basis of products, the market is further segmented into gelatin and non-gelatin capsules. The gelatin capsules segment is subsegmented into pig meat gelatin, bovine-derived, bone meal, and others (fish and poultry gelatin).

The non-gelatin capsules market is the fastest-growing segment in the global empty capsules market. This segment has also been further segmented into hydroxypropyl methyl cellulose (HPMC) and pullulan and starch material.

On the basis of therapeutic applications, the market is further segmented into antibiotic and antibacterial drugs, vitamins and dietary supplements, antacid and antiflatulent preparations, antianemic preparations, anti-inflammatory and anti-rheumatic drugs, cardiac therapy drugs, cough and cold preparations, and other therapeutic applications. Similarly, based on end users, the empty capsules market is subsegmented into the pharmaceutical industry, nutraceutical industry, cosmetics industry, and research laboratories.

On the basis of geography, the empty capsules market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world (Latin America and Middle East & Africa).

In 2015, the gelatin capsules segment accounted for the largest share of the global empty capsules product segment. The large share of this segment is mainly due to factors such as the development of a wide range of formulations using hard gelatin capsules, long-term safety of encapsulated drug molecules, desired drug dissolution characteristics, and sustained release properties.

However, the non-gelatin capsules segment is expected to grow at the highest CAGR during the forecast period. In 2015, the antibiotic and antibacterial drugs segment had the largest share in the empty capsules therapeutic applications market, primarily due to the rising prevalence of infectious and chronic diseases.

North America held the largest share in the empty capsules market owing to the large existing industrial base and the large number of ongoing research activities. The large share of this region is due to the growing preference for capsule-based nutraceutical formulations.

On the other hand, the Asia-Pacific (APAC) region is expected to witness the highest growth rate during the forecast period, due to the flourishing healthcare market and growing pharmaceutical manufacturing in this region.

The companies majorly focused on strategies such as expansions, acquisitions, and new product launches to sustain their positions in the market. The other key players in the global empty capsules market include Sunil Healthcare Ltd.